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The Chicago Transit Authority (CTA) board recently signed off on a $1.1 billion 2007 operating budget that would maintain current fares and service levels. The budget is $96.5 million, or 9.3 percent, higher than the 2006 budget because of anticipated increases in health care, pension and energy costs.
The authority expects to generate $552.7 million in revenue, requiring $580.5 million in public funding to cover remaining operating expenses. CTA has only identified $470.3 million in public funding, but anticipates the Regional Transportation Authority will secure additional transit funding next year.
In addition, the board approved a $2.7 billion five-year capital improvement plan. The program includes $1 billion for system expansion projects and $1.7 billion to bring the authority’s fleet and infrastructure to a state of good repair.
Last month, CTA approved a plan to issue $275 million in tax-exempt bonds to help fund capital improvement projects.
11/16/2006
Rail News: Rail Industry Trends
CTA approves $1.1 billion operating budget, $2.7 billion five-year capital program
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The Chicago Transit Authority (CTA) board recently signed off on a $1.1 billion 2007 operating budget that would maintain current fares and service levels. The budget is $96.5 million, or 9.3 percent, higher than the 2006 budget because of anticipated increases in health care, pension and energy costs.
The authority expects to generate $552.7 million in revenue, requiring $580.5 million in public funding to cover remaining operating expenses. CTA has only identified $470.3 million in public funding, but anticipates the Regional Transportation Authority will secure additional transit funding next year.
In addition, the board approved a $2.7 billion five-year capital improvement plan. The program includes $1 billion for system expansion projects and $1.7 billion to bring the authority’s fleet and infrastructure to a state of good repair.
Last month, CTA approved a plan to issue $275 million in tax-exempt bonds to help fund capital improvement projects.
